Weekly Reports | Oct 10 2025
A summary of the highlights from Broker Call Extra updates throughout the week past.
Broker Rating Changes (Post Thursday Last Week)
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ALKANE RESOURCES LIMITED ((ALK)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Alkane Resources, the broker lifted FY26-27 EBITDA forecasts by 18% and 17% respectively, and net profit estimates by 31% and 29%, respectively. This also reflects production increase following the merger with Mandalay Resources.
Rating upgraded to Buy from Hold. Target price $1.50.
COCHLEAR LIMITED ((COH)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity keeps its $330 target for Cochlear but upgrades to Buy from Hold, noting prior Services downgrades have reset expectations and underlying demand for Cochlear implants (CI) remains strong.
The new Nucleus Nexa product is a key innovation, suggests the broker, featuring upgradeable firmware which enables the implant to evolve over time, an industry first.
Patients benefit from longer battery life and better connectivity, while clinicians gain improved diagnostics and programming tools, explains the analyst.
Canaccord expects Nexa to drive CI growth above 15% if uptake continues, maintaining FY26 profit forecasts at the low end of guidance for $435-460m.
METALS X LIMITED ((MLX)) Upgrade to Buy from Hold by Canaccord Genuity.B/H/S: 0/0/0
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For Metals X, the broker forecasts -16% q/q lower tin production in the September quarter, but expects an offset from strong tin price, leading to a 4% rise in estimated cash balance.
Rating upgraded to Buy from Hold. Target rises to 95c from 58c.
VAULT MINERALS LIMITED ((VAU)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
For Vault Minerals, the broker lifted FY26-27 EBITDA forecasts by 11% and 18% respectively, and net profit estimates by 19% and 39%, respectively. The FY27 estimates also reflect completion of the hedge program.
Rating upgraded to Buy from Hold. Target rises to 85c from 69c.
Three ays earlier, the broker had responded as follows:
Vault Minerals delivered a strong September quarter, according to Moelis, with preliminary gold sales of 91.5koz versus the broker's 86.4koz forecast. This outperformance is attributed to higher output at Deflector and Mount Monger.
Closing cash and bullion of $703.3m was below the broker's $745m estimate, largely reflecting -$9.3m in share buybacks during the quarter.
Moelis highlights a strong start to FY26, with production tracking ahead of guidance and the Red 5 hedge book continuing to weigh on realised prices, estimated at around $4,500/oz.
The broker expects the hedge position to decline sharply through FY26 and be largely cleared by FY27. Free cash flow (FCF) is expected to rise significantly as hedges unwind and the King of the Hills expansion lifts volumes.
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